Nike's 1st-Quarter Profit Fell 35% But Exceeded Street Expectations
(Bottom line is it doesn't matter if your earnings sucked, as long as they sucked less than analysts expected them to... Okay gang watch MLHR, CCL, INTV,SLR,and the real winners)
NEW YORK -(Dow Jones)- Athletic shoe and apparel giant Nike Inc. late Thursday reported a 35% decline in fiscal first-quarter earnings as Asia's financial woes weighedon revenue, Still, the results topped Wall Street expectations.
The Beaverton, Ore.-based company reported net income of $163.8 million, or 56 cents
a share on a diluted basis, for the period ended Aug. 31, eight cents a share above the
mean estimate of 15 analysts surveyed by earnings tracker First Call.
In the year-ago period, Nike (NKE) earned $253.1 million, or 87 cents a dilutedshare.
Revenue, meanwhile, slipped 9.4% to $2.50 billion from $2.77 billion a year earlier.
Revenue in the Asia Pacific region slid 46% to $199.1 million.
Nike said it plans to eliminate about 300 positions throughout its Asia Pacific operations, or 15% of its work force in the region. to better align its overall cost
structure and organization with planned revenue levels.
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